13/01/2019 02:20:10

Tanzanian Royalty Announces the Sale of Common Shares of $885,734

TORONTO, Jan. 12, 2019 (GLOBE NEWSWIRE) -- Tanzanian Royalty Exploration Corporation's (TSX:TNX) (NYSE MKT:TRX) (the "Company’s”) Board of Directors is pleased to announce the entering into subscription agreements for the sale of 3,924,386 common shares raising $885,734 in the aggregate with two investors.

The proceeds from the sale of common shares will be used in furtherance of the Company’s Three-Phase Drill Program at the Buckreef Project previously announced.

The common shares are being offered pursuant to an effective shelf registration statement on Form F-3, that was previously filed with the Securities and Exchange Commission and declared effective on September 5, 2018. The sale of the common shares is expected to close on or before on January 16, 2019, subject to the satisfaction of customary closing conditions, including acceptance of the listing of the common shares by the NYSE American and the Toronto Stock Exchange.

Respectfully Submitted,

"James E. Sinclair"

James E. Sinclair

Executive Chairman

For further information, please contact Michael Martin, Investor Relations, m.martin@tanzaninaroyalty.com, 860-248-0999, or visit the Company website at www.tanzanianroyalty.com  

Cautionary Note Regarding Forward-looking Statements

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, but not always, forward- looking statements and forward-looking information can be identified using words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, ,occur or be achieved. Forward-looking statements or information herein include, but are not limited to the Positive Feasibility Study on Buckreef, the timing and the results of the proposed drilling program.

Forward-looking statements and forward-looking information by their nature

are

based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

We

have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information

are reasonable

, there can be no assurance that the forward-looking statement or  information  will  prove   to   be accurate. Furthermore, should one or

more

of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: gold price volatility; discrepancies between actual and estimated production, mineral reserves and

resources

and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign

investment;

currency

fluctuations;

speculative

nature

of

gold

exploration;

global

economic

climate;

dilution;

share

price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or

property,

as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Form 20-F Annual Report dated November 29,

2018.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward- looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Cautionary Note Regarding Mineral Reserves and Mineral Resources

The

terms

"Mineral

Reserve",

"Proven

Mineral

Reserve"

and

"Probable

Mineral

Reserve"

used

in

this

release

are

Canadian

mining terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines

set

out

in

the

Canadian

Institute

of

Mining,

Metallurgy

and

Petroleum

(the

"CIM")

Standards

on

Mineral

Resources

and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended

from

time to time by the CIM. These definitions

differ

from

the

definitions

in

the

United

States

Securities

Exchange

Commission

("SEC")

Guide

7.

In

the

United

States, a mineral

reserve

is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral

reserve

determination is

made.

The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource", "Inferred Mineral Resource" used in this release

are

Canadian mining terms as defined in accordance with National Instruction 43-101 – Standards of Disclosure for

Mineral

Projects

under

the

guidelines

set

out

in

the

CIM

Standards.

Mineral

Resources

which

are

not

Mineral

Reserves

do

not have demonstrated economic

viability.

For a detailed discussion of Buckreef

resource

and

reserve

estimates and related matters see the Company's reports, including the Form 20-F Annual Report dated November 29, 2018 and technical reports filed under the Company's name at our website at:

www.TanzanianRoyaltyExploration.com.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Note to U.S. Investors. While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained in this report concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S companies in SEC filings. With respect to "indicated mineral resource" and "inferred mineral resource" there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all mineral deposits in these categories will ever be converted into reserves.

CONNECTICUT OFFICE:         

PO Box 577   

Sherman, CT     

U.S.A.   06784                   

Fax: (860) 799-0350

investors@TanzanianRoyalty.com

TORONTO OFFICE:

82 Richmond Street West

Suite 208

Toronto, Ontario M5C 1P1

Toll Free (844) 364-1830

www.TanzanianRoyaltyExploration.com

Tanzanian Royalty Logo.png

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